ASTRUSDT Uptrend Within the Ascending Channel💎For over 2 months, starting from the end of June, #ASTRUSDT has displayed consistent upward movement, firmly entrenched within an ascending channel. However, a pivotal development occurred on August 23 when the price decisively breached the upper boundary of this ascending channel. This breakthrough hinted at the potential for an accelerated uptrend. Nevertheless, in the wake of this upside breakout, a corrective phase unfolded over the course of 3 weeks, and it appears to be an ongoing process.
💎What demands our attention at this juncture is the current price testing the lower boundary of the channel once more. This test is occurring in proximity to a critical demand zone, which interestingly served as a supply zone in the past. In the realm of probabilities, mathematics speaks volumes, and buyers should be keenly aware of the emerging risk-to-reward opportunity.
💎As long as the price remains above the demand zone, the MCP team anticipates a resurgence in price. A robust confirmation of an uptrend, in our view, would manifest with a break above the recent high at $0.0614. Such an event would trigger our quest for an opportune entry point. Subsequent to the breakout, we anticipate the price gravitating towards one of the double Fibonacci resistance levels, as depicted on the chart. Notably, the second resistance level aligns with the upper boundary of the extended ascending channel and could serve as a profit-taking region should the uptrend persist.
💎Paradisers, we remain vigilant for the establishment of a new higher high, a development that would likely usher in the next phase of the uptrend.
